Published On:Saturday, May 10, 2014
Posted by Trueline Radio
Central Bank suffers loss
Central Bank of India reported a net loss of Rs.1,263 crore for 2013-14 as compared to a net profit of Rs.1,015 crore in the previous financial year, due to higher provisioning. Provisions for the year jumped 128 per cent to Rs.4,233 crore from Rs.1,853 crore.
The bank reported a 4 per cent drop in its net profit for the fourth quarter ended March 31, 2014, at Rs.162 crore against Rs.169 crore in the year ago period. Sequentially, the profit increased over 150 per cent from Rs.62 crore in third quarter of 2013-14.
The net profit was down due to higher provision for bad loans.
“We had major slippages in sectors such as textile and cement which led to rise in non-performing assets (NPA) during the period,” said Rajeev Rishi, Chairman and Managing Director. “I believe things are likely to improve from now on. The worst is behind us,” said Mr. Rishi.
Andhra Bank
Increased bad debts, costs and higher provisioning for non-performing assets (NPAs) pushed Andhra Bank’s profit down by 74 per cent to Rs.88.08 crore in the fourth quarter ended March 31, 2014, said its Executive Director S. K. Kalra. The profit was Rs.344.58 crore in the year ago period.
Gross NPAs were higher at Rs.5,857.60 crore against Rs.3,714.49 crore.
The bank made a provision of Rs.666.65 crore for these during the period, while it was Rs.187.36 crore in the last quarter of the previous fiscal. Total income rose by 9.3 per cent to Rs.4,048 in the fourth quarter of 2013-14.
The bank recorded a 12 per cent growth in total income to Rs.15,630 crore for the whole of 2013-14, Mr. Kalra said.
Dena Bank
Dena Bank has reported a 49 per cent jump in its net profit at Rs.187.28 crore in the fourth quarter ended March 31, 2014, against Rs.125.67 crore in the year ago period. Total income has risen to Rs.2,866.78 crore from Rs.2,539.74 crore.
For 2013-14, the bank recorded a 32 per cent decline in profit to Rs.551.66 crore from Rs.810.38 crore in the previous financial year.
Total income rose to Rs.10,895.20 crore from Rs.9,554.85 crore in 2012-13.
Eicher Motors
Eicher Motors has reported a 42 per cent increase in its consolidated net profit at Rs.139.12 crore in the first quarter ended March 31, 2014, driven by robust sales of its Royal Enfield motorcycles, against Rs.97.94 crore in the year ago period. Total income from operations rose to Rs.1,924.22 crore from Rs.1,724.33 crore. The company follows January-December financial year.
“We plan to invest around Rs.2,000 crore on various businesses in 2014-15. Around Rs.1,300 crore would be invested in the VECV business, while Rs.600 crore has been earmarked for Royal Enfield business,” Managing Director & CEO Siddhartha Lal told reporters on a conference call.
